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Orsted wants out of $300M forfeiture for scrapped New Jersey offshore wind farms
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FILE - A huge foundation for an Orsted offshore wind turbine, called a monopile, sits atop wheeled movers in Paulsboro, N.J., July 6, 2023. The Danish wind energy developer Ørsted said it's scrapping its Ocean Wind I and II projects off southern New Jersey due to problems with supply chains, higher interest rates and a failure to obtain desired tax credits. - photo by AP Photo/Wayne Parry, File
OCEAN CITY, N.J. (AP) — Offshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state's coast. Last Tuesday, the Danish firm scrapped its Ocean Wind I and II projects in southern New Jersey, saying the projects were no longer financially feasible. The company cited supply chain issues, inflation and a failure to gain enough government tax credits.